P6-2A - FIFO: $113,000 LIFO: $123,500 Average Cost:...

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Date Explanation Units Unit Cost Total Cost Mar 1, 2011 Inventory 2500 $7.00 $17,500 Mar 5, 2011 Purchases 2000 $8.00 $16,000 Mar 13, 2011 Purchases 5500 $9.00 $49,500 Mar 21, 2011 Purchases 4000 $10.00 $40,000 Mar 26, 2011 Purchases 2000 $11.00 $22,000 Totals: 16000 $145,000 FIFO: $145,000 LIFO: $145,000 Average Cost: $145,000 Ending Inventory: FIFO: $32,000.00 LIFO: $21,500 Average Cost: $27,187.50 Cost of Goods Sold:
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Unformatted text preview: FIFO: $113,000 LIFO: $123,500 Average Cost: $117,812.50 Laramie Distribution Cost of Goods Available for Sale: The method resulting in the highest inventory amount for the balance sheet is the FIFO method. The method resulting in the highest cost of goods sold for the income statement is the LIFO...
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This note was uploaded on 12/13/2011 for the course ACCT 101 taught by Professor Cosby during the Spring '11 term at Marquette.

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